Coinciding with the release of its first-quarter performance for its 2016 fiscal year, Copart tapped a new senior vice president of finance and chief financial officer on Tuesday; an executive who will take over the position effective Jan. 4.

Copart’s new CFO will be Jeffrey Liaw, who has served as the chief financial officer of FleetPride, a privately held company that distributes truck and trailer parts nationwide.

Copart also mentioned William Franklin, currently the company’s executive vice president and chief financial officer, will continue his role as executive vice president and be responsible for U.S. operations and shared services.

Executives said Liaw has been with FleetPride since January 2013. From August 2005 to December 2012, Liaw was a principal of TPG Capital Management, a private equity firm.

Liaw earned undergraduate degrees from the University of Texas in 1999, and he earned his MBA from Harvard University in 2005.

Q1 Results

For the three-month span that ended Oct. 31, Copart reported that its revenue, gross margin and net income came in at $288.8 million, $120.9 million and $52.4 million, respectively.

Officials computed these figures represent a decrease in revenue of $1.5 million, or 0.5 percent; a decrease in gross margin of $1.4 million, or 1.2 percent; and a decrease in net income of $0.2 million, or 0.4 percent, respectively, from the same quarter last year.

Copart added fully diluted earnings per share for the quarter were $0.42 compared to $0.40 last year, an increase of 5.0 percent.

Tender offer for common stock

Also on Tuesday, Copart announced it has commenced a modified “Dutch Auction” tender offer to purchase up to 7,317,073 shares of its common stock at a purchase price not greater than $41.00 nor less than $38.00 per share.

Executives explained the number of shares proposed to be purchased in the tender offer represents approximately 6.1 percent of the approximately 120,236,510 shares of Copart common stock currently outstanding.

Assuming 7,317,073 shares are repurchased at the maximum price of $41.00 per share in the tender offer, the company will repurchase a total of approximately $300.0 million of its common stock in the tender offer. The last reported trading price of Copart common stock on the NASDAQ Global Select Market on Monday was $37.20 per share.

The tender offer will expire at 5 p.m. ET on Dec. 23, unless extended by Copart. Executives mentioned tenders of Copart’s common stock must be made prior to the expiration of the tender offer and may be withdrawn at any time prior to the expiration of the tender offer.

“The tender is subject to conditions and other terms set forth in the tender offer materials that are being distributed to stockholders and filed with the Securities and Exchange Commission,” the company said.

On the terms and subject to the conditions of the tender offer, executives added that Copart’s stockholders will have the opportunity to tender some or all of their shares within the $38.00 to $41.00 per share range. Based on the number of shares tendered and the prices specified by the tendering stockholders, Copart will select the lowest purchase price within the price range that will enable it to buy 7,317,073 shares, or such lesser number of shares that are tendered and not withdrawn.

All shares accepted in the tender offer will be purchased at the same price per share even if the stockholder tendered at a lower price,” the company said.

“If stockholders tender more than 7,317,073 shares at or below the purchase price per share, Copart will purchase the shares tendered at or below the determined purchase price by those stockholders, subject to proration and certain other factors,” Copart went on to say.

All of Copart’s directors and executive officers have advised Copart that they do not intend to tender any of their shares in the tender offer.

“None of Copart, its directors and officers, the information agent, or the depositary is making any recommendation to stockholders as to whether to tender or refrain from tendering their shares into the tender offer or as to the purchase price or purchase prices at which stockholders may choose to tender their shares,” executives said.

“Stockholders must make their own decisions as to how many shares they will tender, if any,” they continued. “In so doing, stockholders should read and evaluate carefully the information in the offer to purchase and related letter of transmittal to be distributed to holders of Copart common stock,” they added.